Statera hires new accounting firm
FORT COLLINS — Statera Biopharma Inc. (Nasdaq: STAB) has found a new registered public accounting firm after the April departure of its former firm. BF Borgers CPA PC will take on auditing the biopharmaceutical company’s financial statements dating from Dec. 31, 2021.
Statera’s previous accounting firm, Turner, Stone & Co. LLP, parted ways with the company on April 11. Its resignation letter filed with the U.S. Securities and Exchange Commission cited only “information that has come to our attention” as the reasoning behind the departure.
Hiring a new registered public accounting firm is only one part of what Statera must do to avoid becoming delisted from the Nasdaq. Statera missed the deadlines to file both its 2021 annual report and its quarterly report for the period ending with March 31. Statera pointed to the departure of its accounting firm as the cause behind the delays.
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Statera is also violating the Nasdaq’s bid price rule, which mandates shares consistently trade for more than $1. The last time Statera shares were above that threshold was Feb. 7. Currently, shares are trading for around 24 cents.
Statera’s board also lacks enough independent members to remain in compliance with Nasdaq regulations. The company has until June 20 to file a plan to resolve its issues, or it could face delisting from the index.